Description

Rare ±0.85-acre infill site Zoned R-3-1500 Multi-Family Residential in city of Riverside. Corner of Tyler street and Alrington Ave. Received conceptual approval from the City of Riverside for a 27-unit multifamily project consisting of all 27 units 3-bedroom / 2-bathroom each. Strong Rental Support for 3BR/2BA Units: City of Riverside Section 8 vouchers : $2,851 – $3,320 Riverside County Section 8 v: $3,079 Illustrative Income Potential (at $3,000 per unit/month): 27 units × $3,000/month × 12 months = $972,000 potential gross annual income x 13 gross multiplier = potential furture value when project finished $12,636,000 . This combination of conceptual City approval and proven demand for larger 3BR/2BA units creates an attractive opportunity for multifamily developers and investors seeking an infill project with a clear path forward.

Property details

Property type

Land

Lot size

37,026 sqft

Location

10359 Gould Street • Riverside, CA 92505

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Listed by

Tony Lee · Elite Homes Realty

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Closed sales reported in 92505, nearest first, last 12 months. All recent sales in Riverside →

Land - 10359 Gould Street, Riverside, CA